Actionable news
0
All posts from Actionable news
Actionable news in MBLY: MOBILEYE N.V.,

Mobileye Announces First Quarter 2016 Financial Results

First Quarter 2016 Highlights:

  • Total revenue of $75.2 million
  • Non-GAAP Net Income of $35.0 million
  • Non-GAAP fully diluted EPS of $0.15
  • Generated $30.4 million in free cash flow

MBLY, -2.59% – Mobileye N.V., the global leader in Advanced Driver Assistance Systems and autonomous driving technologies, today announced financial results for the quarter ended March 31, 2016.

"Our first quarter results highlight consistently solid performance on the current business and continued investment into recently-announced innovative technologies," stated Ziv Aviram, Co-founder, President and Chief Executive Officer of Mobileye. "Our EyeQ4 chip is achieving excellent performance ahead of its official launch on already sourced programs for 2018, while we are in advanced development of our fifth generation EyeQ chip planned to be launched in 2020, an accelerated upgrade cycle. We expect to expand REM mapping technology to more OEMs and are forming new partnerships to introduce fully autonomous driving capabilities on the roads. Mobileye's commitment to innovation and its ability to develop and introduce best-in class technologies, both hardware and software, position us to play a major role in ADAS and autonomous driving."

First Quarter 2016 Financial Highlights

  • Revenue: Total revenue for the first quarter of 2016 was $75.2 million, compared to $45.6 million in the prior-year period. Within total revenue, original equipment manufacturing (OEM) revenue was $61.4 million, compared to $36.6 million in the prior-year period. EyeQ chip volume increased 62% year-over-year to 1,322 thousand EyeQ units, compared to 817 thousand units in the prior-year period. The EyeQ Average Selling Price (ASP) per unit for the first quarter of 2016 was $44.2, up from $43.7 during the same period last year. After market (AM) revenue contributed the remaining $13.8 million of total revenue for the first quarter of 2016 compared to $9.0 million in the prior-year period.
  • Net Income and Earnings per Share: GAAP net income for the first quarter of 2016 was $21.9 million, or $0.09 per diluted share. This compares to GAAP net income of $10.1 million, or $0.04 per diluted share for the first quarter of 2015. GAAP results include share-based compensation expense of $13.1 million for the first quarter of 2016 compared to $8.1 million for the first quarter of 2015.

Non-GAAP net income for the first quarter of 2016 was $35.0 million, or $0.15 per share, based on 236.9 million weighted average diluted shares outstanding. This compares to non-GAAP net income of $18.2 million, or $0.08 per share, based on 237.0 million weighted average diluted shares outstanding during the first quarter of 2015. Non-GAAP net income excludes share-based compensation expense.

  • Cash and Cash Flow: At March 31, 2016, Mobileye had cash, cash equivalents, restricted cash and marketable securities of $510.2 million, compared to $476.1 million at December 31, 2015.

The company generated $32.5 million in net cash from operating activities for the first quarter of 2016 compared to $21.5 million for the first quarter of 2015. The company generated $30.4 million in free cash flow for the 2016 first quarter compared to $18.8 million for the comparable 2015 quarter. Free cash flow represents net cash provided by operating activities minus capital expenditures.

Quarterly Conference Call Mobileye will host a conference call at 8:00 a.m. Eastern Time (U.S. time) today (Thursday, May 5, 2016) to review the company's financial results for the first quarter ended March 31, 2016. A live Webcast of the conference call will be accessible from the Investor Relations section of Mobileye's website at http://ir.mobileye.com. An archive of the Webcast will be available through August 3, 2016.

A reconciliation of the non-GAAP financial measures to GAAP measures has been provided in the financial tables included in this press release. An explanation of the non-GAAP financial measures and how they are calculated is included below under the heading "Non-GAAP Financial Measures."

About Mobileye Mobileye N.V. is the global leader in the development of computer vision and machine learning, data analysis, localization and mapping for Advanced Driver Assistance Systems and autonomous driving. The Company's technology keeps passengers safer on the roads, reduces the risks of traffic accidents, saves lives and has the potential to revolutionize the driving experience by enabling autonomous driving. The Company's proprietary software algorithms and EyeQ® chips perform detailed interpretations of the visual field in order to anticipate possible collisions with other vehicles, pedestrians, cyclists, animals, debris and other obstacles. The Company's products are also able to detect roadway markings such as lanes, road boundaries, barriers and similar items; identify and read traffic signs, directional signs and traffic lights; create a Roadbook™ of localized drivable paths and visual landmarks using REM™; and provide mapping for autonomous driving. The Company's products are or will be integrated into car models from 25 global automakers. The Company's products are also available in the aftermarket.

Forward-Looking Statements This press release contains certain forward-looking statements. Words such as "believes," "intends," "expects," "projects," "anticipates," and "future" or similar expressions are intended to identify forward-looking statements. These statements are only predictions based on the Company's current expectations and projections about future events. You should not place undue reliance on these statements. Many factors may cause the Company's actual results to differ materially from any forward-looking statement, including the risk factors and other matters set forth in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F for the year ended December 31...


More